Guide to Kenya Women Microfinance Bank

Kenya Women Microfinance Bank is a financial institution dedicated to empowering Kenyan women. This microfinance company believes that supporting a woman also empowers her family. Nothing could be more accurate.

As a result, in this post, we’ll look at the bank’s history and the many loan products it offers to women around the country, with current references provided by the global finance blog money smarter.

History of Kenya Women Microfinance Bank

The Kenya Women Microfinance Bank was created in 1981 by a group of professional women. It’s worth mentioning that it was created specifically to provide financial services to women.

It’s also worth recalling that this deed necessitated a great deal of courage and fortitude. Kenya Women Microfinance Bank was established when holding a bank account for a woman was considered taboo.

However, despite the massive expansion, this bank has continued to bank on women for decades. For example, it began with only two locations, one in Karatina and the other in Kilifi.

This bank now has offices in 45 counties across Kenya, totaling approximately 245 locations. Furthermore, it employs approximately 2,800 people across all of these locations. As a result, it is a significant employer in Kenya.

Last year, this bank was lauded for achieving excellent financial sustainability criteria. As a result, it’s worth looking at the financial goods and services it provides to its customers.

Loans Offered by Kenya Women Microfinance Bank

This bank provides a wide range of lending options to its consumers. These loans may include, but are not limited to, the following:

1. Business Loans

If you’re a businesswoman in need of funding, KWFT is here to help. This loan product is divided into three:

  • Biashara loan is for small and medium-sized businesses like a neighborhood supermarkets. You can borrow up to KES, 3000,000 with a repayment period of up to 10 years.
  • Mwangaza Loan – If you are a woman running a medium-large business, say running a manufacturing company, this is the affordable loan product to take.
  • Mwamba Loan is for individual women entrepreneurs; say you are a tailor.
  • Asset Financing Loan – Whether you are a new client or an existing one, this loan product is designed to help you acquire a fixed asset. One could purchase a tractor, motorbikes, and office equipment.

2. Elimu Loan

Elimu loan is an education loan product offered by KWFT to its customers. As the demand for high-quality education grows, KWFT gives you the option to pay for your studies and a loved one, allowing you to keep up with your daily responsibilities.

Features:

  • School fees costs at all levels of education
  • Loans are drawn directly to the school
  • You can finance your education as a member of KWFT, or you can finance that of your dependents.
  • No security is required. As a result, processing this loan is fast.

3. Consumer Loans

These loan products are not for investment but for the consumer to improve their standard of living.

  • Phone loan – A loan extended to customers to purchase a mobile phone to take part in mobile banking. This loan is aimed at promoting mobile banking.
  • Salary loans – KWFT understands that, at times, your salary might not be enough. As a result, a salary loan is extended to any customer whose employer has an MOU with KWFT to pay check-offs.

4. Clean and Renewable Energy Loan

Kenya Women Microfinance bank understands the need to invest in clean and renewable energy and make it accessible to everyday people. Through this loan product, a member can be able to access the following products:

  • Clean Energy Cooking stoves – A member with this loan will access financing to purchase a clean energy stove.
  • Biogas Plant – if you are a dairy farmer and would like to construct a biogas plant on your farm, this loan will help you actualize this desire.
  • Solar Lighting Solutions – KWFT understands that electricity might be a problem in some regions. Therefore, it makes this loan product available for individuals to buy solar energy products.
  • Stima Loans – If a member wants to install electricity in their homes, KWFT extends this loan product to them.

5. Water Sanitation and Hygiene loans

According to a KWFT brief, the financial alternatives include loans for the purchase of water tanks and purifiers (dispensers).

WASH assets, like generators, water bowers, and water bottling firms looking to start or grow their company, are among the others.

If you would like to buy a water tank or even pure water cleaning equipment, KWFT will make an affordable loan product available for you to carry this out.

6. Kilimo Bora Loans

In addition to all the loans offered above, KWFT understands that most women work in the agricultural sector. Therefore, it has a variety of loans in this sector which include:

  • Dairy Farming Loan
  • Mzinga loan – honey farmers
  • Greenhouse farmers kit
  • Poultry farming loan
  • Agro–dealer financing
  • Aquaculture farming

7. Nyumba Smart Loan

This is a loan made accessible to members to acquire building materials for the construction of a house. It’s vital to understand that everyone can use this loan to do one of the following things:

  • Renovate a home
  • Construct a house
  • Finish a house
  • Expand a house

The good news is that one gets 100% financing of all the cost estimates.

KWFT take pride in being a unique microfinance bank, and we endeavor to reach the unbankable women in the society, allowing them to gain financial access that, for a long time, they were not able to gain due to lack of collateral.

They offer an extensive range of tailor-made and affordable products, services, and personalized financial solutions to create positive social change. KWFT is committed to transforming lives sustainably.

Simon Mwangi
Simon Mwangi
As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way. Follow him on Linkedin

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